BIRMINGHAM, Alabama -- Jefferson County has reached a deal with the last major group of known sewer creditors which means plans to exit bankruptcy by the end of the year remain on track. Meanwhile, two state lawmakers said the deal would send billions from residents to Wall Street banks.

The liquidity banks - The Bank of Nova Scotia; State Street Bank & Trust and Bank of New York Mellon -- provide a line of credit that serves as a backstop that makes the flow of funds always available. The county was unable to repay money owed to the institutions when the financial crisis of 2008 struck.

The agreements mean the county is clearly on course to file a plan of adjustment with the bankruptcy court on June 30 and making deadlines to exit Chapter 9 by the end of the year.

Meanwhile, Reps. John Rogers and Mary Moore, D-Birmingham, said today that Jefferson County's deal to end bankruptcy would "suck billions of dollars from residents" and send the money to Wall Street banks.

Rogers and Moore frequent critics of the commission pointed to a Wall Street Journal article that said the deal could leave the county in an even deeper financial hole.

"We've have been saying that this deal would suck billions and billions of dollars from the residents of Jefferson County and send it straight to the big banks in New York," Moore said. "And now we have proof."

Moore said the Wall Street Journal detailed how the plan would force the county to pay back more than three times what is actually owed.

Quoting the Journal, Moore said a California official was fighting for a moratorium on the kind of deal agreed to by the county and such plans are "terrible deals" and the "equivalent of payday loans," according to Moore.

Carrington said Rogers was the same elected representative "who recently told me in the presence of others that I should let the sewer receiver come back to institute his three 25 percent sewer rate increases," Carrington said. "His rationale was that the Commission wouldn't have to increase the rates."